(410) 339-7313

2020 FIDUCIARY INCOME TAX – Updated Rates and Brackets

The following is some commonly relevant federal and Maryland income tax information for estates and trusts.  Feel free to bookmark this page for future reference.

Ordinary Income Tax Rates for Estates and Trusts

2020 Federal Income Tax Rates for Estates and Trusts
Taxable Net Income Federal Tax
Not over $2,600 10% of taxable income
Over $2,600 but not over $9,450 $260 plus 24% of the excess over $2,600
Over $9,450 but not over $12,950 $1,904 plus 35% of the excess over $9,450
Over $12,950 $3,129 plus 37% of the excess over $12,950

 

2020 Maryland Income Tax Rates for Estates and Trusts
Taxable Net Income Maryland Tax
$0 – $1,000 2.00%
$1,000 – $2,000 $20 plus 3.00% of the excess over $1,000
$2,000 – $3,000 $50 plus 4.00% of the excess over $2,000
$3,000 – $100,000 $90 plus 4.75% of the excess over $3,000
$100,000 – $125,000 $4,697.50 plus 5.00% of the excess over $100,000
$125,000 – $150,000 $5,947.50 plus 5.25% of the excess over $125,000
$150,000 – $250,000 $7,260.00 plus 5.50% of the excess over $150,000
Over $250,000 $12,760.00 plus 5.75% of the excess of $250,000

 

Federal Long-Term Capital Gain Rates for Estates and Trusts
Taxable Net Income Long-Term Gains Rate
$0 – $2,650 0%
$2,650– $13,150 15%
$13,150 + 20%